24 Hour Local Real Estate News

Rockefeller Group Pays $99M for NoMad Development Assemblage

Megumi Brod, senior vice president of Northeast development for the Rockefeller Group Megumi Brod, senior vice president of Northeast development for The Rockefeller Group, spearheaded the land assemblage purchase.

NEW YORK CITY—The Rockefeller Group has acquired a land assemblage on East 29th Street for approximately $98.7 million and intends to pursue the development of a luxury condominium tower at the site.

The Rockefeller Group plans to build an approximately 170,000-square-foot building at the site that will feature more than 100 luxury condominiums.

Megumi Brod, senior vice president of Northeast development for the Rockefeller Group, who joined the firm in February of this year, spearheaded the property assemblage purchase. Eastern Consolidated’s Institutional Advisory Group arranged the sale of the NoMad residential development assemblage located at 30-36 East 29th St. between Park Avenue South and Madison Avenue. The three existing buildings on the site will be demolished to make room for the new development.

A source close to the deal pegged the definitive purchase price for the three properties at $98,681,000.

Brian Ezratty, vice chairman and principal of Eastern Consolidated, represented the three sellers—Extell Development, the owner of 30-32 East 29th St.; W Brothers, the owner of 34 East 29th St. and 29th Street Partners LLC, the owner of 36 East 29th St.. Ron Solarz, executive managing director and principal of Eastern Consolidated, took the lead on procuring the Rockefeller Group. Scott Ellard, VP and principal for financial services, Eastern Consolidated was the analyst for the deal.

Ezratty tells Globest.com that at one time Extell looked to assemble adjoining properties for development, but eventually hired Eastern Consolidated as exclusive broker to sell 30-32 East 29th St. Negotiations between the various property owners began last summer, Ezratty notes and that talks with The Rockefeller Group began this February at about the same time that Brod joined The Rockefeller Group.

Brod could not be reached for comment, however, a Rockefeller Group spokesman says of the land assemblage deal, “We are actively evaluating residential and office development opportunities throughout New York City.  NoMad has seen a surge in transactions and values in recent years due to demand from a wide demographic. Buyers are increasingly looking for new buildings in neighborhoods with open public spaces, good transportation options, walkable cultural and lifestyle amenities, and ease-of-access to and from work. We see demand continuing to meet new product in the vicinity of Madison Square Park.”

The Rockefeller Group, known more for its commercial holdings and developments, has ventured into the residential sector the past few years. The firm has developed more than 1,000 units in the past two years.

The company is a development partner on the $1-billion Flushing Commons mixed-use project in Queens, which is nearing completion of Phase 1. In New Jersey, the company has approximately 400,000 square feet of office and residential development underway, and an additional 1.2 million square feet of industrial development nearing completion. In late February, the Rockefeller Group and partner Investment Property Associates, LLC announced it would be developing a total of 711 residential units in the metro Phoenix area.

 

Copyright 2017. ALM Media Properties, LLC. All rights reserved.